Citi Hikes MicroStrategy Price Target to $240 Amid Conservative Outlook

Citi, a major financial institution, has raised its price target for MicroStrategy to $240, a significant increase from the previous target of $136. This implies a strong upside potential of approximately 34% contribution from a higher price over the next 12 months, and roughly 16% upside contribution from multiple net asset value (mNAV) expansion from current levels.

The firm's revised target is based on an increased Bitcoin Yield Multiple from 2.5x to 4.0x, resulting in a revised mNAV assumption of 1.24x versus 1.065x previously. Citi noted that last-twelve-months mNAV trends point to a 1.25x-1.50x band when Bitcoin holds above an $85,000-$90,000 range.

However, the bank remains more conservative versus historical trends due to MicroStrategy's dilutive cash reserve build. The firm's fiscal 2027 Adjusted Bitcoin Yield estimate improved approximately 190 basis points to around 5.9%, following downward revised expectations for fiscal 2026 Adjusted BTC Yield of -3.3%.